Norsemont Announces Closing of 1st Tranche of Private Placement Including Several Strategic Investors

Core Points - Norsemont Mining Inc. has successfully closed the first tranche of a non-brokered private placement, raising gross proceeds of CAD $2,895,699 by issuing 4,826,165 units at CAD $0.60 (USD $0.44) per unit [1][3] - Each unit consists of one common share and one-half of one warrant, with warrants priced at CAD $0.75 (USD $0.55) per share for a two-year period [1][2] - The proceeds will be utilized for phase 3 drill programs at the Choquelimpie Gold-Silver-Copper project in Northern Chile, focusing on deep drilling into copper porphyry zones and high-grade gold zones [3][9] Financial Details - The offering generated gross proceeds of CAD $2,895,699, which will support drilling and technical programs [1][3] - The common shares may be subject to a hold period of four months and one day for Canadian investors, with additional restrictions for U.S. investors [2] Project Overview - The Choquelimpie project has an initial mineral resource estimate of 2,184,000 indicated gold equivalent ounces and 557,000 inferred gold equivalent ounces [9] - The project includes over 1,700 drill holes and significant existing infrastructure, such as roads, power, water, and a 3,000-tonne-per-day mill [9] - Norsemont Mining holds a 100% interest in the Choquelimpie project, which is a previously permitted gold and silver mine with considerable exploration potential [9] Management Commentary - The CEO of Norsemont expressed gratitude for the support from existing shareholders and welcomed new strategic investors, emphasizing the importance of this funding for advancing the Choquelimpie project [5]